Silver’s price has nearly doubled in just 11 months and risen more than gold, even though gold was the most popular commodity in 2025. Over the past 12 months, silver has climbed significantly higher than gold, rising 100% in 2025, whereas gold has only increased by 60%.

The mixed U.S. job data and the uncertainty around the Federal Reserve’s next policy decision caused gold and silver prices to trade in a range but with a bearish tilt

Last week’s larger market sell-off, which was triggered by hawkish comments from U.S. Federal Reserve officials that dampened expectations for a December interest rate cut, caused gold prices to drop 2.5% and silver prices to drop 5.5%. In the meantime, the Federal Reserve is citing the shutdown blackout as justification for maintaining unchanged interest rates in December. Naturally, this is in line with the proverb, “Do nothing when you do not know what to do.”

Gold and Silver both break out of their consolidation range at $49 and $4050, respectively, hitting a two-week high as worries about the US economy grow.

Gold prices are consolidating around $4000 and Silver around $48, as expectations for further US rate cuts diminished and safe-haven demand eased following a US-China trade deal.

As investors booked gains after a protracted record-breaking rise, gold saw its biggest one-day dip in more than ten years this week, falling more than 6%. Although silver paralleled gold’s decline, it saw a more severe correction of about 9% as profit-taking increased following its big increase earlier this month.

Geopolitical risks remain high, central banks continue to purchase assets, Trump’s trade war persists, and ETF holdings continue to grow as the likelihood of further Fed rate cuts increases. Gold and Silver surge currently has a FOMO (fear of missing out) component. However, the foundations that have propelled it thus far are still very much in place.

2025 has been the year of uncertainties – it started with political uncertainty, then tariff uncertainty, followed by geopolitical uncertainty, then rate cut uncertainty, and now US shutdown uncertainty. All these uncertainties have contributed to a phenomenal rise in bullion prices this year, driven by safe-haven demand.

Gold prices touched the record high above $3840 (~Rs 115,900), and Silver rose above $47.40 (~Rs 144,000) rising almost 9% given the uncertainty surrounding US tariffs, the potential shutdown of the US government this week, and the expectation that the Fed will lower interest rates by an additional 50 basis points this year, precious metals continue to get safe-haven support.

Gold prices rebound to $3730 (~Rs 110,600) again, and silver touches a new high of $43.94 (~Rs 132,000), bolstered by strong central bank purchases, consistent ETF inflows, and safe-haven demand amid ongoing geopolitical tensions and worries about the economic effects of President Donald Trump’s tariffs.

Gold hit a record high above $3550 (~Rs 105,000), as increased bets for a U.S. Federal Reserve interest rate cut this month lifted bullion’s allure, while silver also rose to a record high to trade above $41.5 (~Rs 122,500).

Precious metals are in a particularly good position for bullish run due to the combination of dovish Federal Reserve policy signals, political unpredictability, dollar weakness, and strong equity market performance.